Tesla Shares Fall as Analyst Expresses Concerns

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Shares in Tesla fell after Wells Fargo analyst Colin Langan expressed concerns about the near-term outlook for the electric vehicle maker. The stock has tumbled more than 30% in 2024, cutting its market cap to $801 billion. Langan downgraded Tesla to underweight and cut his price target, citing downside risk to EV sales volume. He is forecasting zero growth in sales volumes this year and a decline in 2025.

Shares in Tesla fell, extending losses this month to more than 15 per cent, after Wells Fargo analyst Colin Langan added his voice to concerns about the near-term outlook for the electric vehicle maker. In New York, shares in Tesla shed 4.5 per cent to $US169.48. The stock has tumbled more than 30 per cent so far in 2024, cutting its market cap to $US531 billion ($801 billion).

Mr Langan downgraded Tesla to underweight and cut his price target to $US125 from $US200, saying he sees downside risk to EV sales volume as price cuts are having a diminishing impact. He is forecasting zero growth in sales volumes this year and a decline in 2025. Among three assessments of the outlook for Tesla’s stock, Mr Langan has a potential upside price target of $US252 and a potential downside one of $US44. Mr Langan is among an increasing number of analysts, including those at Deutsche Bank earlier this week, who are concerned that Tesla will report a sharp drop in first-quarter deliveries

 

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